Loading...

8 Ethereum Improvement Proposals (EIPs) everyone should know

question blockchain ethereum
Ram Patra Published on August 10, 2024

Ethereum Improvement Proposals (EIPs) are standards specifying potential new features or processes for Ethereum. Here are some of the most common or widely used EIPs along with their descriptions and uses:

EIP-20: ERC-20 Token Standard

  • Description: Defines a standard interface for fungible tokens, allowing them to be used across multiple platforms and exchanges.
  • Usage: Most tokens issued on the Ethereum blockchain are ERC-20 compliant. They include a set of functions and events that allow for the transfer and approval of tokens.

EIP-721: ERC-721 Non-Fungible Token Standard

  • Description: Defines a standard interface for non-fungible tokens (NFTs), which are unique and not interchangeable.
  • Usage: Used for creating digital assets like art, collectibles, and in-game items that are unique and can be owned and traded.

EIP-1559: Fee Market Change for ETH 1.0 Chain

  • Description: Introduces a new fee model that includes a base fee, which is burned, and a tip (priority fee) to incentivize miners. It aims to make transaction fees more predictable.
  • Usage: Helps in stabilizing gas fees and reducing the volatility of transaction costs. It also introduces a deflationary mechanism by burning a portion of the transaction fees.

EIP-1155: Multi Token Standard

  • Description: Provides a standard interface for contracts that manage multiple token types, including both fungible and non-fungible tokens.
  • Usage: Used in gaming and other applications where multiple types of tokens are needed, allowing for batch transfers and reduced transaction costs.

EIP-2612: Permit – 712-Signed Transactions for ERC-20 Tokens

  • Description: Extends ERC-20 to allow approvals via signatures, reducing the need for on-chain transactions for token approvals.
  • Usage: Enables gasless transactions and improves user experience by allowing users to sign messages instead of sending transactions for token approvals.

EIP-721: ERC-721 Metadata Extension

  • Description: An extension of the ERC-721 standard to include metadata for NFTs, such as name, description, and URL to a resource.
  • Usage: Enhances the functionality of NFTs by allowing additional information to be stored and retrieved, often used in digital art and collectibles.

EIP-1271: Standard Signature Validation Method for Contracts

  • Description: Specifies a method for smart contracts to validate signatures, which is useful for verifying off-chain signed messages.
  • Usage: Enhances security and usability for contracts that need to verify signatures, often used in decentralized finance (DeFi) and multi-signature wallets.

EIP-1820: Pseudo-introspection Registry Contract

  • Description: Introduces a global registry where contracts can publish which interfaces they implement, allowing for more dynamic interaction between contracts.
  • Usage: Facilitates better interoperability and introspection, enabling contracts to interact more dynamically and flexibly.

These EIPs form the backbone of many Ethereum applications, providing standardized interfaces and processes that developers can rely on when building decentralized applications (dApps) and smart contracts.

Take your presentation to the next level.

Put your face and name on your screen.

Your to-dos on your menu bar.

Fill forms using your right-click menu.

Ram Patra Published on August 10, 2024
Image placeholder

Keep reading

If this article was helpful, others might be too

question solidity hardhat August 22, 2024 How to specify the deployer in a Smart Contract deployment in Hardhat?

In Hardhat 6, deployment is done using the Ignition module, which introduces a declarative way to manage deployments. The process is different from the Hardhat 5 approach. With Ignition, you define your deployment logic using modules, which then handle the deployment of contracts. To specify which wallet to use for the deployment of your smart contract, you can follow the below steps.

question solidity ethereum August 17, 2024 Understanding call, delegatecall, and staticcall in Solidity with real-world analogy

Let’s break down call, delegatecall, and staticcall in Solidity using simple analogies and real-world examples.

question solidity blockchain August 16, 2024 Data Types in Solidity and how to initialise each

In Solidity, variables can be categorized based on their data types, and each type has specific ways to initialize them. Here’s an overview of different variable types in Solidity and how to initialize them:

Like my work?

Please, feel free to reach out. I would be more than happy to chat.